Westfield Sells Shopping Malls to Starwood for $1.15 Billion

Global property developer Westfield Group says it will sell eight non-core shopping centers in the U.S. for $1.15 billion.

“The proceeds from the transactions will initially pay down corporate debt and then be redeployed in higher return redevelopment opportunities in the U.S., including the World Trade Center,” Westfield Group co-chief executive officer Peter Lowy said in a statement.

Starwood Capital Group will take a 90% stake in seven centers, while the Eastland shopping center in West Covina, California, is being sold in a separate transaction.